savings bank

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Also known as a savings and loan bank. A financial institution whose main purpose is to accept savings deposits and is limited in its territorial scope.

Its main function is to channel savings and to help families finance themselves as well as smes. The market focus is on retail banking while providing a means for payments, savings products, loans and insurance for individuals. savings banks in Europe were taken up from the old pawnbroking system, in the eighteenth century.

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